Economic profit is the same as normal profit
Indicate whether the statement is true or false
F
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In the early post-war years, the Fed was reluctant to continue its wartime agreement with the Treasury because it believed the result would be
A) recession. B) inflation. C) higher taxes. D) lower taxes.
The supply of resources, level of technology, and the quality of an economy's institutional arrangements provide the constraint that determines the shape of the
a. short-run aggregate supply curve. b. long-run aggregate supply curve. c. supply of loanable funds. d. aggregate demand curve.
What is the barrier to entry in a monopoly?
a. There is no barrier; anyone can enter the market. b. It a minor barrier; some can enter the market. c. It varies from industry to industry. d. It is a complete barrier; no entry is allowed.
Economic efficiency in a free market occurs when
A) consumer surplus is maximized. B) producer surplus is maximized. C) the sum of consumer surplus and producer surplus is maximized. D) price is as low as possible.